4 ms·
Wow this is the first I've seen of this, amazing it hasn't come across my radar. Seems like a major consolidation, tied closely to a government institution (or
by uticus 4y ago
Wow this is the first I've seen of this, amazing it hasn't come across my radar. Seems like a major consolidation, tied closely to a government institution (or whatever the FRB technically is).
- r00fus 4y agoCan you explain what you mean by consolidation? It's essentially a standards-based collaborative approach not unlike other large payment networks like in the UK, Europe and India.
- uticus 4y agoApologies for the armchair commentary. "Consolidation" meaning commerce regulation and oversight more tightly consolidated than possible with technology (including paper notes) currently used. > ...standards-based collaborative approach... You have not said this explicitly, but for myself it is notable that this is not peer-to-peer, with both parties collaborating based on a standard. Instead it is clearinghouse. Unlike peer-to-peer standards, this would give the Fed Reserve at least a large dataset or at most a large control lever. From the linked article: > Through financial institutions participating in the FedNow Service... > Consistent with the Federal Reserve’s historical role of providing payment services...
- r00fus 4y agoOf course it's not peer-peer. Therein lies a lot of potential for fraud. Do you have an example of a p2p system that doesn't show all the fraud issues rampant in modern crypto?